Marketplace Morning Report for Tuesday, July 24, 2012

The 2012 Olympic Games begin in London on Friday, but already a venerable Olympic sport is underway: The Brits are arguing about the costs and benefits of the event, which set them back at least $15 billion so far. Speaking of $15 billion, China's government-controlled oil company, CNOOC, is snapping up Nexen of Canada for just as much. Nexen is big in the oil sands of Alberta and the Gulf of Mexico. And as this summer's drought shows no signs of letting up, many farmers are worried about the future of their crops -- but in other states, farmers see nothing but green.

The 2012 Olympic Games begin in London on Friday, but already a venerable Olympic sport is underway: The Brits are arguing about the costs and benefits of the event, which set them back at least $15 billion so far. Speaking of $15 billion, China's government-controlled oil company, CNOOC, is snapping up Nexen of Canada for just as much. Nexen is big in the oil sands of Alberta and the Gulf of Mexico. And as this summer's drought shows no signs of letting up, many farmers are worried about the future of their crops -- but in other states, farmers see nothing but green.

The European Commission, the European Central Bank, and the IMF began meetings in Greece today -- they'd like to know what structural reform progress has been made in return for billions in bailout money.

Spain's borrowing costs are up to 7.5 percent -- the higest since it joined the euro. As a result of the regional crisis, Moody's announced today that it is poised to lower Germany's credit rating to AA.

Eight people have been charged in the phone hacking scandal that closed down Rupert Murdoch's paper, News of the World. Prosecutors allege the employees took part in the illegal interception of voicemail messages of more than 600 people.

Moody's Investors Service has lowered the outlook for the credit ratings of three of Europe's strongest economies: Luxembourg, the Netherlands and Germany. It's part of a busy day in Europe that has investors on-edge -- markets there are barely moving.

The 2012 Olympic Games begin in London on Friday, but already a venerable Olympic sport is well underway: The Brits are arguing about the costs and benefits of an event which has so far set them back at least $15 billion.